Brookfield, Australian billionaire Cannon-Brookes in bid for AGL Energy -media


Sun, February 20, 2022, 12:33 AM·1 min read

MELBOURNE, Feb 20 (Reuters) - Canada's Brookfield Asset Management Inc and Australian tech billionaire Mike Cannon-Brookes have made a joint bid to take over Australia's AGL Energy Ltd, the Australian Financial Review reported on Sunday.

The newspaper, citing unnamed sources, said the two propose shutting down AGL's coal-fired power stations earlier than planned. AGL is one of Australia's major energy providers.

Representatives for Brookfield, AGL and for Cannon-Brookes, co-founder of Australian software firm Atlassian Corp, did not immediately respond to Reuters requests for comment.

The proposal envisages buying AGL's retailing and power generation divisions including coal, gas and renewable energy assets across the country, and it would halt AGL's plans to split into a bulk power generator and a carbon-neutral energy retailer, the newspaper said.

It said the bid values AGL at about A$8 billion ($6 billion), including debt, or A$7.50 a share, less than a 5% premium to AGL shares' last close.

The company's board was due to meet on Sunday to discuss the offer, the AFR reported.

AGL said this month it had significantly progressed with plans to split the business by June, identifying 350 roles to be eliminated. ($1 = 1.3941 Australian dollars) (Reporting by Lidia Kelly; Editing by William Mallard)